Palisades Park apartments sold for $16 million

Madison House, a 48-unit luxury apartment building in Palisades Park, has been sold for $16.05 million, or nearly $334,375 per unit, a broker said Monday.

The seller of the property at 411 E. Brinkerhoff Ave. was Madison House Holdings, a Blumberg & Freilich Equities affiliate. It was represented in the deal by Cushman & Wakefield Inc. The brokerage's metropolitan area capital markets group identified the buyer as a Manhattan-based privately held real estate firm.

Madison House, built in 2011, was 96 percent occupied at closing. It has a mix of one- and two-bedroom units averaging 1,049 square feet, a two-level parking deck and 2,400 square feet of street-level retail.

Madison House is in the Hudson Gold Coast submarket.

The Cushman & Wakefield capital markets group members who worked on the transaction were Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd. That team, in conjunction with John Alascio of Cushman & Wakefield's equity, debt and structured finance group, arranged financing for the buyer.